Employer Group Benefits
Employees are one of the greatest business assets, and the benefits a company offers them can become another. The common ingredients for employee group benefit includes health insurance, dental insurance, vision care, life insurance, paid vacation leave, a retirement plan and industry specific perks. A suitable design based on a company situation can benefit your business and retain employees.
What Can Lions Assurance Financial Do for You?
With cost-effective employee benefits options that can be customized to meet the needs of virtually any type of small and medium business, we make it easy for you to compete with larger companies for top employee talent attraction and retention.
As an independent, non-captive, fee-based wealth management services firm. We apply a Four-step SIRE process to create value for you.
- Survey: We will begin process with questionnaire to have a general understanding of your business and identify the unique composition of employees. We clarify your business objectives and gain understanding of the unique current issues that need to be addressed.
- Insight: To have a deep insight of your specific business, we will incorporate industry research, determine product offerings available from many sources, create an assessment and evaluation about your company benefits structural plan options.
- Recommendation: Then, we will come up with potential solutions for an employee benefits program that is tailored to your company. As an independent firm we can present multiple providers to create a benefits plan that helps create value in attracting and retaining talent in your company.
- Execution: We will implement the strategy your company would like to execute on based on the options provided and budget available. We help achieve a better result with our professional experience, integration of technology, understanding of your industry, and staying attuned to the compliance and regulatory requirements.
The Key Items to Know in Employee Group Benefit
Nowadays, the marketplace is almost balanced because of increased competition among employers, with more available positions, for qualified employees. The successful employers will need to upgrade their employee experience, boost their employees’ total compensation and amplify employees’ benefit. When the company offers desirable protection options, it can help attract and retain top talent in the company. Therefore, it is important to have an employee group benefit.
When the employer finds the eligible employee to enroll the benefit plan. There are several most common types of benefits could be considered when design the group benefit:
Medical Insurance: Employers can offer their workers group health insurance plans to get them covered, and even contribute towards their health insurance premiums.
Retirement Plans: Employers can offer their employees a varying degree of plans from Defined Benefit to Defined Contributions – including popular programs like 401ks.
Long-term disability and short-term disability: Under this type of coverage, the employee can be protected if they are disabled to continue the work due to injury or illness.
Dental Insurance: employers may be able to lessen the financial burden of maintaining their employees’ teeth condition.
Life insurance: This type of insurance should be designed with different business need. Sometimes, employer will pay a designated beneficiary a matched amount if an employee happens to die.
Vision: This plan can offer employees annual eye examination benefit.
However, the proportion of each ingredient has to be unique for each business. A cookie-cutter approach (typically delivered by franchise captive agents and affiliated broker-dealers with limited-set products/services offerings) is a root reason why many Employee Retention programs fail.
Nowadays, the company needs custom-prepared solutions for its unique productivity issues.
Lions Assurance Financial can not only present suggestion on customized group benefit plan but also provide accessible and credible insurance option with our partner.
Lions Assurance Financial helps businesses, together with the CFO and HR operations, to develop the optimal solutions for success. We can provide customized recommendations based on unique employee population and specific problem you have on employer benefit. Have a consultation with our team and find a better solution for employer group benefit.